Last year Paris retained its position as the most expensive city, with an average daily rate of €252.5 - despite the impact of terrorist attacks. In London the average daily rate is €202.2, while customers can expect to pay 156.5 a night in Rome, and €129.1 in Barcelona.

The industry in Ireland had a strong year in 2015, with most hoteliers reporting an upturn in business, boosted by the weakness of the euro and the economic recovery, according to PwC. Occupancy rates here are now among the highest in Europe, a dramatic reversal from the era of zombie hotels experienced immediately after the crash.

That is partly because the number of hotels in Dublin has remained relatively static in recent years at 155. That adds up to 8,900 rooms, and represents a third of the entire hotel stock in Ireland, according to PwC.

Planned schemes could see a further 13 hotels built in Dublin in the coming years, adding 3,500 new rooms.

That will help keep pace with demand, up 12pc last year, but is likely to maintain downward pressure on prices and margins.

Strong customer demand and a number of cash-rich consolidators in the sector, including Dalata, helped drive a wave of buying last year.

In 2015 there was a total of 56 hotel sales recorded nationally, worth a combined €650m. That compared to 60 transactions worth €440m in 2014.